Feeder cattle futures up $8 this week | Weekly Livestock Market Update

Brownfield Ag News

In this livestock market update video, Brownfield's Meghan Grebner and agriculture economist Scott Brown talk about Retail Prices, Supply and Demand numbers, Consumer Sentiment, and more.

This week in the markets:

Live fed cattle prices are $0.50 lower on the week, and feeder cattle markets were $1.00 to $3.00 lower this week. October live cattle were up $2.30 on the week, and October feeder cattle were up $8.00 on the week. Choice box beef was $3.50 lower this week. Cash hogs were $2.45 lower this week. October lean hog futures were down $1.30 on the week. Pork cutout values were down $2.00 this week on weakness in ribs and hams.

Weekly Slaughter:

At the end of the week, cattle slaughter was 620,000 head, up 78,000 on the week while down 11,000 for the year. Hog slaughter was 2.571 million head, up 244,000 from the previous week and up 36,000 on the year. Year-to-date cattle slaughter is down 4.1% relative to last year, and hog slaughter is up 1.3%.

Retail Prices:

The August U.S. choice beef retail price was $8.52 per pound, up $0.08 from the July level. The August choice beef retail price is 3.5% higher than one year ago. The August pork retail price was $4.90 per pound, down $0.02 from July. The August retail pork price is 1.3% above last year.

WASDE:

USDA’s August WASDE report raised 2024 beef production by nearly 60 million pounds, leaving 2024 beef production only $0.6% lower than the 2023 level. The projection for 2025 beef production was increased by 180 million pounds this month. That leaves 2025 beef production still 4.4% below the estimated 2024 level. USDA lowered 2024 fed steer prices by $3.00 this month and 2025 fed steer prices by $5.00. The 2024/25 corn price was reduced by $0.10 per bushel this month.

Consumer Sentiment:

The preliminary September Consumer Sentiment increased by 1.6% relative to August. Consumers perceived more favorable prices as inflation for many products has been slowing.

Next week's reports:

» Livestock Slaughter

» Cattle on Feed

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